7/12/2020 Markets moving up as expected, and it looks like we will get continued upside due to this upward momentum. Bullish very near term (1-2 weeks), bearish on all other time frames.

Hi everyone, sorry for the somewhat later update. I’ve been pulling my hair out working on my Boba company website because I have no idea what I’m doing. Turns out I sat there messing around with setting it up for 13 hours this Friday (until 6am), and then 9 hours yesterday.

Anyways, enough of that, let’s look at the charts. SPY weekly chart below.

I think we still pop the 320 resistance, but then gradually move lower after that. Perhaps we reach 330, or perhaps we pop to all time highs, but I think we eventually move much lower. 

SPY weekly 7_12_2020

Next let’s look at how my pairs trade on XLF and SPY is doing. 3 year weekly chart below.

The lowest ratio of XLF to SPY in 2009 was roughly .07, so right now financial are doing so bad, it’s equivalent to how they were doing in 2009. I’m still holding this pairs trade and will likely hold it for another 3-12 months. 

SPY vs XLF Weekly 7_12_2020

Thank you for reading, and see you next week. 

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